Macro Vocabulary

A general rise in prices

• Exports

• Inflation

• Peak

• Scarcity

The value of a nations exports minus the value of its imports also call trade balance

• Exports

• Contraction

• Net exports

• Aggregate Supply

Unemployment caused by annual changes in the theater or other condition that reduces the demand for workers

• Law of supply

• Seasonal unemployment

• Trade Off

• Frictional unemployment

Shows changes in the average prices of goods and services purchased by a consumer over a period of time

• Consumer Price Index (CPI)

• Gov spending

• Recession

• Real GDP

The lowest point of an economic contraction when real GDP stops falling

• Peak

• Through

• Law of deamnd

• Expansion

GDP adjusted for inflation

• Real GDP

• Consumer Price Index (CPI)

• Investment

• Scarcity

The study of the economy as a whole including topics such as inflation, unemployment, and economic growth

• Inflation

• Structural unemployment

• Microeconomics

• Unemployment

Period of economic decline marked by a falling or real GDP

• Trough

• Recession

• Peak

• Contraction

Expansion/ Recovery/ Peak/ Recession/ Contraction, and Trough

• Stages of the business cycle

• Gov Spending

• Expansion

• Law of Supply

Unemployment that occurs when workers skills do not match the available jobs

• Structural Unemployment

• Frictional Unemployment

• Seasonal Unemployment

• Goods and Services